Warning on irregularities in silver granule sales: Legal action coming for non-standard transactions

The Borsa İstanbul Precious Metals and Precious Stones Market Directorate, in its latest statement, drew attention to the legal obligations that must be followed in the sale of silver granules. The announcement clearly stated that legal proceedings will be initiated against those engaged in non-standard trading.

In Turkey, the sale of unprocessed silver in granular form can only be carried out with products produced by refineries licensed by the Ministry of Treasury and Finance, entities registered on the Borsa İstanbul Refineries List, and the General Directorate of the Mint and Stamp Printing House. The statement emphasized that sales made outside of these institutions are against the law.

The warning in question came following inspections and the discovery of non-compliant sales on the internet. Upon detecting the increasing interest of buyers in silver granules sold in transparent bags or plastic jars, it was once again reminded that such products are not legal. It was stated that such transactions could face criminal sanctions within the framework of Law No. 1567.

As a sales standard, the conditions announced based on the Official Gazette communiqué dated February 23, 2023, require unprocessed silver granules to be at least 99.9 percent pure and presented in sealed packaging. The packaging must also include the fineness of the product, its net weight (excluding packaging), the name or emblem of the producing refinery, the phrase “Granül Gümüş” or “Silver Granules,” and the production date.

Intermediary institutions such as banks, refineries listed by the Ministry of Treasury and Finance and Borsa İstanbul, and authorized jewelry businesses can only trade standard unprocessed precious metals produced in accordance with regulations. Thus, transparency and consumer safety are prioritized in silver investment.

Finally, Borsa İstanbul called on investors and industry representatives to avoid buying and selling silver granules through non-compliant channels and to conduct transactions only through authorized institutions.

News Source: 12punto